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Leading Cryptocurrency Exchange Bitrue to Stake 1 Million ADA Across Top Cardano Staking Pools


thecryptobasic.com 26 July 2022 18:50, UTC
Reading time: ~3 m

Bitrue wants to boost the decentralization of Cardano v the initiative.

Popular cryptocurrency exchange Bitrue has announced a staking initiative that will support Cardano’s (ADA) decentralization.

The leading exchange noted that it would contribute 1 million ADA, worth around $455,000, to various Cardano staking pools. 

Bitrue shared a Google Form link where members of the Cardano community can identify some of the top ADA staking pools. 

Bitrue is helping with the decentralization of $ADA #Cardano by staking with community stakepools. @CardanoStiftung

We'll be contributing 1,000,000 ADA to several of them ✌️

Nominate a high quality pool in the replies below, or fill in this form – https://t.co/RGKMvIH3kl pic.twitter.com/Kc0ydSZ14A

— Bitrue (@BitrueOfficial) July 26, 2022

Cardano’s Total Value Locked (TVL) Still Looks Good Despite Crypto Price Dip 

The prices of all major cryptocurrency assets, including Cardano (ADA), have plummeted heavily this week following growing concern over rising inflation. In the last 24 hours alone, ADA is down 7.2%. It is noteworthy that the value of the entire crypto market continues to plunge.  

According to data provided by Cardano Daily on Twitter, the fall in ADA price did not harm the network’s Total Value Locked (TVL). 

Cardano TVL Holding Strong Amid ADA Price Crash

“The market had been through a tough week when BTC declined as quickly as it rose. However, it seemed not to affect the TVL of @cardano at all,” Cardano Daily tweeted. 

The market had been through a tough week, when BTC declined as quickly as it rose. However, it seemed not to affect the TVL of @cardano at all. 
 #tvl #status #cardano $ADA pic.twitter.com/ebicBivrQs

— Cardano Daily (@cardano_daily) July 26, 2022

The media outlet also included an image of Cardano’s TVL in the last seven days, showing the performance of all protocols on the network in the last seven days. 

Popular Cardano decentralized exchange WingRiders still rank as the top protocol with the highest TVL on the blockchain. Per the data, WingRiders volume has surged 1.64% in the last seven days. 

Miniswap sits second in the ranking, and its TVL has soared 9.66% in the past week. The third decentralized exchange in the ranking is SundaeSwap, which saw its TVL plunge 2.52% in the past seven days. 

Mueliswap and Lending Pond recorded an increase in their TVL, representing 1.06% and 4.45%, respectively. 

The total value locked on MeowswapFi is down 13.78%, while FluidTokens’ TVL spiked 3.94% in the past week. Interestingly, the Cardano protocol that surged the highest in TVL in the last seven days is ADAX Pro. The decentralized exchange saw its TVL soar 121% in the last seven days. 

The data suggests that funds are still being locked in the ecosystem despite the fall in ADA prices. 

This can be shown as a good signal that although the money is not attracted to the ecosystem, it is not gonna be withdrawn out of the ecosystem despite the negativity of the market, marking a sustainable TVL. 
 #tvl #status #cardano $ADA

— Cardano Daily (@cardano_daily) July 26, 2022

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